Chief Financial Officer Tom Gallagher said Thursday that Florida's insurance market should be able to withstand up to $20-billion in claims from Hurricane Charley.
That would be nearly twice as much as losses from Hurricane Andrew, which caused $10-billion in damage in 1992.
The Citizens Joint Underwriters Association, the state-sponsored insurer of last resort for homeowners, is not expected to be tapped nearly as hard as if the storm were bearing down on Southeast Florida.
The majority of the fund's 400,000 policies are concentrated in Broward, Miami-Dade and Palm Beach counties, not along the west coast or in Central Florida.
"If this one is going to hit us, the location is probably something of a plus for Citizens, as much as any storm can be a plus," Gallagher said.
National Hurricane Center
